CHEVRON CORP. $110 (New York symbol CVX; Conservative Growth Portfolio, Resources sector; Shares outstanding: 1.9 billion; Market cap: $209.0 billion; Price-to-sales ratio: 1.1; Dividend yield: 3.9%; TSINetwork Rating: Above Average; www. chevron.com) recently sold its 50% stake in Caltex Australia, which owns an oil refinery and 1,800 gas stations in Australia, for $3.6 billion.
The deal is part of Chevron’s plan to sell $15 billion worth of nonessential businesses by 2017. Even with these sales, the company’s oil output will probably average 3.1 million barrels a day in 2017, up 20.6% from 2.57 million in 2014.
That’s mainly because Chevron still plans to start up two big offshore gas projects: the Gorgon field, off Australia’s northwest coast (47.3% owned by Chevron) and the nearby Wheatstone field (64.14%-owned). Each will also have a plant to convert the gas into a liquid for shipment to clients in Asia.
In response to lower oil, Chevron plans to spend $35.0 billion on exploration and upgrades in 2015, down 13% from 2014. It has also suspended share buybacks. This will let the company keep paying quarterly dividends of $1.07 a share, for a 3.9% yield.
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Privacy Policy and Terms of Use
The Successful Investor Inc. and its affiliate Successful Investor Wealth Management (referred to hereafter as TSI Network) know that you care how information about you is used and shared, and we appreciate your trust that we will do so carefully and sensibly. This notice describes our privacy policy. By visiting websites owned by or associated with TSI Network, you are accepting the practices described in this Privacy Policy.
This privacy policy is applicable to all TSI Network Visitors, Clients, Employees, Suppliers, Web sites, Management, and all other interested parties. Any links to or from our site are not covered by this policy. We encourage you to read the privacy policies of every site that you visit.
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We do not collect or disclose personal information, except when it is provided to us voluntarily by the site/store visitor with their consent.
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What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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